The Internet has come a long way from the 1990s, when the world’s first website and server went live at CERN in Geneva, Switzerland. Today, there’s no denying that the Internet has transformed how we live and operate. But now it’s time for the next game-changer: the Metanet.
Announced last week at the CoinGeek Week Conference in London, the Metanet project will power and integrate the Internet through the Bitcoin blockchain. The groundbreaking project is the brainchild of nChain Chief Scientist Dr. Craig Wright, and will see “the Internet becomes a sidechain.” nChain, the blockchain technology research and development firm, will develop the Metanet exclusively on Bitcoin SV (BSV), which follows the original Satoshi Vision for Bitcoin.
Wright describes the Metanet as “a value network,” where the entire global system of online activity and data are connected commercially. Essentially, the Metanet will use BSV to transfer compressed data, enabling reliable, semi-automated exchange of web page and other information.
Metanet will pave the way for new methods of distributing web content as well as facilitating eCommerce business models using Bitcoin microtransactions—meaning companies can earn instantly for clicks, content, and data. Potential fraud incidents will also be reduced, thanks to the higher data quality and integrity provided by blockchain-backed data storage.
According to nChain, Metanet will enable business models that are previously not economically feasible on the Internet. These include solutions that authorize secure access to web content, social media accounts and distributed systems, in real time and with private identity; internet search, information and content services that rely on micropayments instead of traditional advertising models; business models for real-time and secure pay-per-use of content and digital assets; integrated wallet systems; automated contracts for and distribution of purchased digital and physical products; verifiable, traceable and real-time supply chain management; automated form-free and real-time insurance policies, and secure real-time event ticket, transportation and hotel bookings.
“The Metanet will enhance, then eventually drive the Internet, making Bitcoin SV the global public ledger that underpins all Internet activity,” nChain Group CEO Jimmy Nguyen said in a statement. “It is a mind-blowing concept with limitless possibilities based on the additional security, efficiency, and data integrity of the blockchain, and is another part of Craig Wright’s vision for unleashing Bitcoin’s true power.”
Metanet is “an enormous undertaking,” even for a firm like nChain, which noted that the project “will take time to specify and deliver in a business-friendly form.” To make this a reality, the blockchain tech firm is continuing its work to progressively develop the Metanet and also doubling down to find the perfect collaboration partners for the project.
“We have taken the initial steps, and know it will take work with others to make the Metanet a reality,” Nguyen said.
The post This is how Bitcoin SV-powered Metanet will transform the Internet appeared first on CoinGeek.
London, United Kingdom - 5 December 2018
nChain, the global leader in blockchain research and development, has revealed its ground-breaking “Metanet” project to power and integrate the Internet through the Bitcoin blockchain. Using intellectual property it has created, nChain will develop the Metanet exclusively on Bitcoin SV (BSV), which reflects the original Bitcoin protocol and design.
The Metanet is the creation of nChain Chief Scientist Dr. Craig S. Wright, who announced the project during his November 30 speech at the CoinGeek Week conference held in London. Dr. Wright explains:
“What we are going to actually create is a secure alternative to the Internet, built on the blockchain. The Internet becomes a sidechain to the Bitcoin blockchain. The Metanet is a value network—the entire global system of online activity and data connected commercially.”
The Internet has transformed how we live and operate, but it was born in a pre-blockchain era. On the surface, the Metanet sounds similar to the Internet. But the Metanet is powered by technical differences in how data can be stored and accessed through blokchain transactions, which provide security and economic efficiency advantages over current Internet technology. The Metanet will transform how the Internet operates by using Bitcoin transactions to transfer compressed data, and thus enable reliable, semi-automated exchange of web page and other information.
The Metanet will enable new ways to distribute web content and facilitate new e-commerce business models made possible by Bitcoin microtransactions. This can allow companies to earn instant micropayments for clicks, content, and data. Taking advantage of the economic security and stability of the blockchain, the Metanet can act to reduce the potential for fraud due to the higher data quality and integrity that blockchain-backed data storage provides.
This enables companies to create new business models with blockchain-based content distribution and microtransactions that (until now) have not been economically feasible on the Internet. For example, new solutions will allow:
• Authorisation of access to web content, social media accounts, and distributed systems securely, in real time, and with private identity
• Internet search, information and content services that rely on micropayments by users rather than traditional advertising models
• Business models for real-time and secure pay-per-use of content and digital assets
• Integrated wallet systems for a seamless user integration and experience
• Automated contracts for and distribution of purchased products (both digital and physical)
• Real-time supply-chain management in a verifiable and traceable manner
• Automation of form-free and real-time insurance policies
• Secure real-time event ticket, transportation and hotel booking
nChain Group CEO Jimmy Nguyen observes:
“The Metanet will initially enhance, then eventually drive the Internet, making Bitcoin SV the global public ledger that underpins all Internet activity. It is a mind-blowing concept with limitless possibilities based on the additional security, efficiency, and data integrity of the blockchain, and is another part of Craig Wright’s vision for unleashing Bitcoin’s true power. We have taken the initial steps, and know it will take work with others to make the Metanet a reality.”
The Metanet project is an enormous undertaking that will take time to specify and deliver in a business-friendly form. nChain will continue its work and find select collaboration partners to help progressively develop the Metanet.
Find Craig Wright’s presentation announcing the Metanet project here.
For further explanation, watch an interview with Craig Wright here.
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ABOUT NCHAIN: nChain is the global leader in research and development of blockchain technologies. Its mission is to enable massive growth and worldwide adoption of the Bitcoin network - focusing on Bitcoin SV (BSV) as the original Bitcoin which will fulfil the Satoshi Vision.
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The highly anticipated CoinGeek Week conference has drawn to a close and to say that it was a huge success is putting it mildly. The conference attracted a slew of individuals that have been, and will continue to be, the primary driving forces behind the only cryptocurrency adhering to the original Satoshi Vision, as well as a huge crowd determined to help shape the future. There was a lot of ground covered in the short four days allocated to the conference, with some exciting new projects being announced.
Bitstocks is preparing to introduce Gravity, a banking ecosystem for the cryptocurrency community. Gravity is going to offer an array of products—banking accounts, loans, debit cards, over-the-counter trading and more—and will use Bitcoin SV as the supporting cryptocurrency. More about the Gravity project can be found in Bitstocks’ YouTube video.
The developers behind the Centbee wallet have announced a new feature that will be coming soon. It will combine a social network with a wallet, allowing users to send money to their friends while chatting. There is also a merchant software developer’s kit (SDK) in the works, which will allow any merchant to easily integrate Bitcoin SV payments into its point of sale system.
HandCash announced that it is bringing an iOS version of its wallet to market this month. It will also offer HandCash for Apple Watch sometime during the spring of 2019. Developers also discussed CashPort, the system that allows apps and games to connect to HandCash in order to allow users to make micropayments.
The White Company, which offers an array of blockchain and crypto products, has announced that it is adding support for Bitcoin SV. The company offers, among other things, a cryptocurrency debit card and has also teamed up with REM, a blockchain-based rewards company, to allow consumers to earn points when they use The White Card. The card is expected to be released before the end of the year.
A new digital ATM offered by BCB ATM was shown off during CoinGeek Week, as well. While a crypto ATM isn’t exactly news, the fact that the company’s new ATM offers 0-confirmation transactions certainly is something worth a great deal of attention.
One of the more exciting revelations was MetaNet, which was introduced by nChain and Dr. Craig Wright. Metanet is basically one global network that is built on the blockchain. Said Wright, “What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially.”
The post New, exciting Bitcoin SV projects announced during CoinGeek Week appeared first on Coingeek.
This week, the ever controversial Bitcoin visionary Dr. Craig Wright promised to make an announcement that will transform the Internet. And boy, did he deliver.
On Day 3 of the CoinGeek Week Conference at The Mermaid Theatre in London, the nChain chief scientist unveiled a new, big Bitcoin project that will see “the Internet becomes a sidechain”—the Metanet.
Metanet is essentially a commodity ledger, and it’s going to be a game changer. Imagine being able to put everything in one blockchain, essentially “one source of truth” via a “system that cannot lie,” according to Wright.
“What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially,” Wright tells the audience at CoinGeek Week.
Metanet, according to Wright, is a central, global network where there is one internet—one Metanet specifically—with all in competition. It’s a system with records that once registered, there will be no changes of the Enron kind will take place.
Wright stressed, “This is what Bitcoin really is about. Bitcoin is a value network, a global way of opening trade. Bitcoin is there to enable you to create the next wave of global commerce.”
Watch Dr. Craig Wright’s presentation, Going Meta on Bitcoin, at CoinGeek Week Conference Day 3 below.
The post Dr. Craig Wright unveils game-changing Bitcoin project—Metanet appeared first on Coingeek.
This week, the ever controversial Bitcoin visionary Dr. Craig Wright promised to make an announcement that will transform the Internet. And boy, did he deliver.
On Day 3 of the CoinGeek Week Conference at The Mermaid Theatre in London, the nChain chief scientist unveiled a new, big Bitcoin project that will see “the Internet becomes a sidechain”—the Metanet.
Metanet is essentially a commodity ledger, and it’s going to be a game changer. Imagine being able to put everything in one blockchain, essentially “one source of truth” via a “system that cannot lie,” according to Wright.
“What we’re going to actually create is a replacement for the Internet. The internet becomes a sidechain. I don’t care how as a peer network you distribute data, I care that you distribute it. If you have HandCash or near-field or IP or private networks or X.25, it’s a value network. The entire global system connected commercially,” Wright tells the audience at CoinGeek Week.
Metanet, according to Wright, is a central, global network where there is one internet—one Metanet specifically—with all in competition. It’s a system with records that once registered, there will be no changes of the Enron kind will take place.
Wright stressed, “This is what Bitcoin really is about. Bitcoin is a value network, a global way of opening trade. Bitcoin is there to enable you to create the next wave of global commerce.”
Watch Dr. Craig Wright’s presentation, Going Meta on Bitcoin, at CoinGeek Week Conference Day 3 below.
The post Dr. Craig Wright unveils game-changing Bitcoin project—Metanet appeared first on Coingeek.
